Regulatory Alerts2022-04-04
Added · Updated
Emphasis on the Commitment of the Real Estate Financier
The Saudi Central Bank (SAMA) requires licensed real estate financiers to maintain full responsibility for their contractual and regulatory obligations when transferring financing rights in the secondary market or delegating collection tasks to third parties. Financiers must promptly update clients' credit records within the timeframe specified in the Credit Information System's Executive Regulations and correctly process early settlements and debt rescheduling. SAMA will enforce compliance through regulatory measures against non-compliant practices, ensuring delegated third parties can effectively execute their collection duties.
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